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Lenovo net profits soar by 73%

Matt Grainger
Lenovo net profits soar by 73%

Lenovo has reported that its net profits for fiscal 2011 grew by an astonishing 73 per cent.

The growth was spurred by the performance of its PC sales, which outpaced industry rivals such as HP and Dell, due to the Chinese vendor’s strategy of targeting emerging markets.

Overall, Lenovo’s net profit was $472.99 million, while revenue rose by 37 per cent to $29.6 billion.

“Lenovo had a record-setting year and the Board of Directors is satisfied with both the quarterly and annual results,” said Lenovo’s chairman, Liu Chuanzhi.

“Lenovo’s performance is evidence that the Company is achieving its short-term and quarterly goals, while strengthening its long-term competitiveness. These results demonstrate that we have the right strategy in place and are executing on that strategy.”

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Tags: Lenovo, growth, 2011, profits

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